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What could be the potential implications in case of non compliance of Section 206AB? In case of non compliance of 206AB, the TDS so deducted and deposited by the business
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Which years are relevant for F.Y. 2021 -22 based on the definition of 'Specified Person' for the purpose of Section 206AB? The specified person for the purpose of 206AB is
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What is the meaning of transaction date and date of booking mentioned in form 26AS? Transaction date means the date on which the TDS was deducted / submitted in the return filed by
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What is the applicability of TDS under Section 194Q? If a taxpayer has a turnover of >INR 10 crores in the previous financial year or has reached a turnover of
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How does reconciliation happen over multiple accounting periods? Reconciliation is a continuous activity but when it comes to 26AS reconciliation, the first and last quarter of an accounting year have
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What if a company has deducted excess TDS and deposited with the Government? Deductee can request their customer (Deductor) to revise/adjust the entry before such return has been filed so
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How frequently should a company reconcile TDS receivable ledger with Form 26AS? The objective of 26AS reconciliation is to match the transactions done with a particular customer to ensure whether
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How are TDS and TCS different from one another? TDS vs 2TCS Deduction that has to happen on the face value of the goods or services or transactional value TCS
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Why do we need reconciliation of TDS Receivables? Rule 37BA of the Income Tax Rules TDS Credit is allowed when the corresponding income is accounted in the income tax return.
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What are 16As and 26AS and how they are linked / different from one another? 16A vs 26AS The certificate in form 16A is the certificate issued by the deductor
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